The paper "Corporate Social Responsibility in Commonwealth Bank" is a perfect example of a case study on marketing. The banking sector all around the world is undergoing changes and the major factor contributing towards it is the recent financial crisis which has resulted in bank failures. Banks are looking to strengthen their reforms and monitoring system at the same time ensuring that they are able to satisfy the customer. Commonwealth Bank is an Australian bank that is also looking towards this. The report presents the manner in which the website of the Commonwealth bank provides access to important information which can shape the performance of the financial institution. Purpose of the report To identify the different issues surrounding Commonwealth bank like convergence, cross-promotion, compliance, currency, corporate, and corporate responsibility. To identify the manner in which Commonwealth bank satisfies the different factors and the way the bank manages these vital issues Commonwealth Bank Commonwealth Bank is an Australian bank and is ranked second among the banks performing in the country.
The strong network and connectivity have ensured that the bank is situated even in the far of places.
(Company Website, 2010) The bank is in the service sector has ensured quality in service. For this, the bank has a code of conduct which employees need to follow. (Company Website, 2010) Doing so has earned the bank a good reputation and is establishing branches overseas thereby showing the growing popularity and strong reforms followed by the bank. Convergence in Commonwealth Bank Convergence is when two or more development is used together to improve the efficiency of the working environment. In the banking sense, it is when technology is integrated with service to ensure a higher satisfaction level. Commonwealth Bank has ensured a high convergence level.
The bank has been able to integrate the different functions to improve efficiency. It is seen from their website that Commonwealth bank has functions where their customers can transfer electronically, check their balances, request for checkbooks, and similar other functions. (Company Website, 2010) The integration of technology and better service highlights high congruence achieved by the bank. A study on convergence in banks suggests that “ the total productivity factor for banks multiplies when they are able to have convergence in their functions” .
(Fung & Cheng, 2010) Commonwealth bank has been able to ensure that their total productivity factor increases and they are able to impart better service. Cross Promotion in Commonwealth Bank The cross-promotion holds importance for every business and so more for the banking sectors. As banks have people from different customs and religions having their accounts it stresses the fact that banks need to promote cross-promotion in their banks for efficient functioning.